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Brazil's Embraer uses development bank loan to land $82 mln SkyWest plane deal

Reuters
·1-min read

SAO PAULO, Jan 25 (Reuters) - Brazil's Embraer has carried out its first transaction using a new type of loan guarantee in a 450 million reais ($82.32 million) deal to supply four E175 aircraft to U.S. regional airline SkyWest, the planemaker and Brazilian development bank BNDES said on Monday.

The loan was granted through BNDES and guaranteed by aircraft non-payment insurance (ANPI) provided by the Aircraft Finance Insurance Consortium (AFIC), Embraer and BNDES said in separate statements.

In this type of financing, BNDES funds are disbursed in Brazil, in reais, to the Brazilian exporting company, such as Embraer. Those funds are then paid back to the bank in dollars by the foreign company that purchases the goods.

($1 = 5.4666 reais) (Reporting by Paula Laier Writing by Gabriel Stargardter Editing by Paul Simao)